New Issue: Deutsche Bank prices $2.24 million capped BUyS linked to iShares MSCI EAFE

By Angela McDaniels

Tacoma, Wash., Nov. 24 - Deutsche Bank AG, London Branch priced $2.24 million of 0% capped Buffered Underlying Securities due Nov. 25, 2011 linked to the iShares MSCI EAFE index fund, according to a 424B2 filing with the Securities and Exchange Commission.

The payout at maturity will be par plus double any increase in the exchange-traded fund's share price, subject to a maximum return of 105%. Investors will receive par if the share price declines by 10% or less and will lose 1% for each 1% that the share price declines beyond 10%.

Deutsche Bank Securities Inc. and Deutsche Bank Trust Co. Americas are the agents.

Issuer:	Deutsche Bank AG, London Branch
Issue:	Capped Buffered Underlying Securities
Underlying ETF:	iShares MSCI EAFE index fund
Amount:	$2,238,000
Maturity:	Nov. 25, 2011
Coupon:	0%
Price:	Par
Payout at maturity:	Par plus double any share price gain, up to maximum payout of $2,050 per note; par if share price declines by 10% or less; 1% loss for every 1% decline beyond 10%
Initial share price:	$38.20
Pricing date:	Nov. 21
Settlement date:	Nov. 26
Agents:	Deutsche Bank Securities Inc. and Deutsche Bank Trust Co. Americas
Fees:	None

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